Join our daily newsletter At The Bell to receive exclusive market insights
It feels like we will be at the mercy of how Donald Trump and the U.S. roll out their trade war tariffs over the next few weeks and months – and Monday and Tuesday this week have already proven that quite quickly.
Today, ASX 200 futures are pointing to a 0.7% gain after Mexican President Claudia Sheinbaum asked Trump for a delay on tariffs; Trump agreed.
The U.S. President also suggested he’d “probably” speak to China in the next 24 hours.
It was a mixed bag for Wall Street after the ongoing tariffs talks: The Dow Jones reacted favourably and moved as much as 0.04% higher, while the S&P 500 and Nasdaq composite continued their trends into the red.
All this has seen investors rush to get their hands on safer investments and gold has been the biggest winner – the ‘safe-haven’ metal touched US$2,830 overnight.
Conversely, Trump’s flip-flopping has spooked punters away from crypto and it dived.
On a fairly similar note, the slumping Aussie dollar is buying 61.8 US cents.
To commodities, which are in the greenback,
Iron Ore has slipped 1.2% to $104.40 a tonne in Singapore,
Brent Crude is trading at $75.63,
Gold is trading at $2,831 per ounce after briefly touching a new high last night, and,
US natgas futures are at $3.34 per gigajoule.
One thing to note as we head later into the week too is that Aussie reporting season is upon us again. Companies like Pinnacle (ASX:PNI) and Amcor PLC (ASX:AMC) are booked in to get things underway early tomorrow.
Then, over the next two weeks, we’ll see companies sharing exactly how much money has come through the door – or vice versa – up to February 28.
In company news Down Under, Trigg Minerals (ASX:TMG) has picked up a new high-grade antimony project that has produced in the past.
Win Metals (ASX:WIN) has also had success with its Butchers Creek drilling.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
